Aussie-Dollar jumps to the 0.71 level

Published: January 25 2023, 22:40 GMT+0

Aussie-Dollar jumps to the 0.71 level

AUD/USD leapt up to 0.71 (0.79%) — now trading at 0.7108.

United States's Crude Oil Inventories new data released of 533,000 below its previous figure.

This move comes while some more positive signs for Aussie-Dollar are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000.

At the same time, Australia Consumer Price Index came out at 1.9, while a consensus of analysts was expecting 1.6. Australia Trimmed Mean CPI (QoQ) (Q4) released today at 00:30 UTC with a figure of 1.7, while the previous figure was 1.8.

Other currencies are also rising as GBP/NZD rallies 0.73% to trade around 1.911. GBP/CAD is up 0.67%.

At the same time, USD/SGD is down to 1.3129, losing 64 pips, after closing at 1.3194 in the preceding trading session.

Positive indicators for the Australian dollar are expected going forward as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. United States GDP projected to decline to 2.6 while previous data was 3.2; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 205,000, following on from the preceding figure of 190,000. New data is set to be published tomorrow at 13:30 UTC.

Also worthy of note, United States New Home Sales (Dec) will be released tomorrow at 15:00 UTC.

The currency pair has been trending positively for about a month. The Australian dollar has gained 3.68% since its lowest print of 0.6213 earlier this year.